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ABC World News With Diane Sawyer

News/Business. Diane Sawyer. The latest world and national news. New. (HD) (CC)

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00:30:00

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Washington 12, Advair 4, Boehner 4, Abc 4, Texas 4, Us 4, Taylor 3, Jon Karl 3, Warfarin 2, Fda 2, Copd 2, Obama 2, Britain 2, David Muir 2, Glucerna 2, America 2, Pradaxa 2, U.s. 2, Lococd 1, The American Economy 1,
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  ABC    ABC World News With Diane Sawyer    News/Business. Diane Sawyer. The latest  
   world and national news. New. (HD) (CC)  

    July 29, 2011
    6:30 - 7:00pm EDT  

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sounding the alarm. the stock market sinks again as we learn the economy is grinding to a halt. the debt sale in washington sending the u.s. into nor recession. tell washington how to do their jobs. we asked five everyday americans of all political stripes, can they fix the debt mess. see how they do it in under an hour. storm zone, tropical storm don headed for texas. farmers racing to scoop up the cotton ahead of the wind. medical alert. for americans replacing hips and knees. our "person of the week." treasure the people you love in the past in your life today. a new and ininired idea.
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good evening. on this friday, the american economy is signaling real distress as the chaos in washington continues over the debt. new numbers are now triggering worry about another recession. the dow down for the sixth day in a row sliding 581 points since last friday. while the president warned today and warned congress that the u.s. is running out of time. >> if we don't come to an agreement, we could use our country's aaa credit rating. not because we don't have the capacity to pay our bills, we do, but because we don't have a aaa political system to match our aaa credit rating. our team is standing by ready to bring you the latest. we'll begin with bianna golodryga who covers finance and monitoring the economic warning signs. >> dire signs we got this morning. washington was looking for any
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sense of urgency to break the impasse. while america and the world waited for action, they once again saw nothing giving them hope. >> reporter: while the clock has been ticking down toward the debt deadline, so to has the stock market. in just the past week, the stalemate in washington has contributed to a total loss of $183 billion in americans' retirement accounts with the average 401(k) losing $43 hundred. the economy grew by 1.3% during the last three months. a big disappointment, half of what economists say we need to see i drop in the unemployment rate. >> one of the big problem with the jobs picture is the confidence gap. all of the traditional fundamentals that tend to drive better hiring, none of that has translated into robust job growth. >> reporter: to top it all off, it's not exactly a confidence booster to hear for the first time the richest country in the world is sitting on less cash
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than apple computer. they are lococd in their high stakes game of chicken. >> it is maddening to a lot of people, particularly when they watch markets go into a period of volatility driven by what is happening in washington. that affects their pocketbooks on eye day to day basis. >> reporter: late night economics are at their wits end too. >> our fearless leaders fighting like a hoard of brides in filene's basement. >> reporter: 9 news describing our debt battle as dangerously irresponsible. bill weissman runs a furniture business in massachusetts and is feeling the firsthand uncertainty of the political gridlock. >> the employees that we've been able to hire have been temporary because we have no idea where the economy is going to hit. >> reporter: diane, more and more people i talked to on wall street tell me deal or no deal, at this point america runs a good chance of having its credit down graded by one major agency.
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that would be a big hit to investments, 401(k)s and even jobs. >> as you said, bianna, the clock is racing toward the deadline. little more than four days away. passions running high. one proposal has just been passed on capitol hill. will this break the log jam though? let's bring in abc's jon karl for the latest. >> reporter: the house just approved john boehner's bill to raise the debt ceiling. it was a narrow party line vote. he won only after giving into the demands of a handful of conservatives who forced him to make changes that assured the bill's defeat in the senate for speaker boehner, a painful victory. >> i stuck my neck out a mile to try to get an agreement with the president of the united states. i stuck my neck out a mile. a lot of people can never say yes. this house has acted. it is time for the administration and time for our
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colleague colleagues across the aisle, put something on the table. tell us where you are. >> reporter: he never got that agreement with the president and instead had to put pressure on tea partiers to support his bill. hours of meetings all over the capitol to tell them to get your ass in line. late last night, one of them emerged shaken but not budging. >> how much pressure on you to change your mind on that? >> i am very pleasantly surprised that they are not twisting and ripping arms off, but i simply cannot raise the debt ceiling if we're not going to fundamentally change the way we do business. i just can't v ve for if the way it is. >> reporter: tea partiers came to washington vowing to shape the place up and played the central role in this drama. in the end, it was boehner that gave in, a aeeing to this five line change, the bottom line, the president would not get a second increase to the debt ceiling unless congress first
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passes a balanced budget amendment. something virtually nobody thinin this congress will do. >> with this bill dead on arrival in the senate, the leaders still have to do what they have failed to do, that is come up with a bipartisan compromise to raise the debt ceiling that can actually pass the congress. diane, if they're going to do it by the august 2nd deadline, they better come to a deal by midnight tonight. >> let's head down constitution avenue and go to the white house where jake tapper is standing by. what did they say in response to this and what do they make of the wobbly economic numbers. >> there is concern at the white house about what's going on on the stock market. the economy is very fragile. people at the white house are concerneddhat house repeplican leaders just don't understand that what they pass needs to be able to get through a democratic senate. they look at the balanced budget amendment as a real poison pill making sure the bill from speaker boehner will never be adopted in thehe senate. they are trying to convey some
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confidence. the president today asked by a man who said that he still wanted to play poker with the president. president obama said i have a high stakes game of poker going on right now, trying to project confidence will be a resolution. one reason for that is what one democrat close to the process called theoretical conversations that are going on all over town. democrats and republicans theoretically my boss thinks this if the boehner bill goes down. hopefully they say negotiations will begin this evening as john mentioned. >> only washington would have to callllt theoretical conversations in order to have real onesehind the scenes. thank you, jake. as we keep hearing, everyone in the country is so fed up with the political postures. we had an idea today, to see if five americans of all political views could solve the debt standoff themselves. a little later you'll see how they do it and they do it in under one hour. now we turn next to that
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gusty tropical storm named don closing in on south texas. the rain needed in the parched drought zone but farmers are having to scramble to pick the cotton before the wind tears the plants apart. matt gut man is in corpus christi tonight. >> reporter: cotton is king in texas. the farmers fear from tropical storm don is it will take cotton, rip it off the stock, ruin it. reporter: they're sprinting to get the cotton crop in. >> could lose it all if it's bad enough. >> reporter: farmers like david kercher whose family has worked this land for a century, are frantically pulling tarps over precious harvest, compressing it, working round the clock. all to get the cotton off the plant. is it all hands on deck for you. >> you got to get what you can and get out. >> reporter: and praying the
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rain and wind hold off, anything left on the plant. >> it goes into the ground. >> you lose it. >> yeah. >> reporter: but almost everybody else in texas, folks like feed store owner david deirlam, hoping for the just opposite. >> in this case, everybody has been praying for something like this. this is ideally something that could do real good for southth texas. >> reporter: a state suffering through its worst drought since records began in 1895, easily dry enough to meet the definition of a desert. in fact, t tas would be the world's seventh largest. it seems both sides will get what they don't want. the folks who wanted rain, this is going to bring 1-3 inches. the folks who harvested their cotton, it's already picked. >> thank you, matt. 300 miles to the north in texas, that u.s. soldier accused of plotting a massive terror attack on troops at ft. hood was in court today. police say 21-year-old private
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naser abdo had an arsenal of explosives and weapons and was about to use them. abdo who is muslim was defiant shouting the name of needo hasan the man charged with the shooting at ft. hood two years ago. about a million of us who undergo knee and hip replacement surgery every year. we got troubling news about the failure to test a lot of those devices before the doctor actually uses them. here is lisa stark. >> reporter: katy couldn't agree re with today's rigorous testing of more implants after what happened to her. >> it's just amazing to me that something that doesn't work properly gets approved. >> reporter: katy was shocked to find out something inside her body was being recalled. her artificial hip was leaking toxins. it had never been tested in people. 10 million americans have an
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implant. experts are concerned that some of them, including hips and heart valves are approved too easily. >> it's really a gamble. you hope that the product you're going to choose or that your doctor is going to choose for you is safe. >> reporter: diana had one of her hips replaced last year. >> is the bottom line for a patient that you really don't have a way of knowing for certain whether that hip is a good device that's being put into your body? >> unfortunately that is really true. >> reporter: what should you do if you've been told you need an artificial hip or knee? follow the money. find out if your doctor is getting paid by the maker of that device. it's a red flag. companies are required to put payments to doctors on their website. do your homework. find out the safety record of the implant company. the fda keeps records. we put a link on our website, abcnews.com. and finally newer is not always better. if that artificial hip or knee
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new to the market? ask your doctor whwh it's bette than one that has been time tested. while today's recommendations will put pressure on the fda, for now, before you get an implant, try and get some answers. lisa stark, abc news, washington. and we have a program note now, as you know, abc's david muir is the only american anchor reporting from the crisis in africa, the famine affecting more than 11 million people, threatening to wipe out an entire generation. david took you on the perilous root from somalia to kenya. the mothers sitting under the tree, almost where there was help and hope, and we saw a little girl, skin hanging from her bones, sitting up for the first time, getting better in just three days because someone finally gave her food again. over the weekend, david will continue his reporting and on
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monday, will take us to a corner of the world we have not yet seen, one of the epicenters of the famine. that will be david muir reporting in. still ahead tonight, on "world news," the five average americans, tea party supporters could solve the debt crisis in under an hour. the royal wedding in britain. right now, you probably haven't heard about this one. and he found a way to bring your cherished memories back into your life. our "person of the week." copd makes it hard to breathe, so i wasn't playing much of a role in my own life, but with advair, i'm breathing better so now i can take the lead on a science adventure. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator, working together to help improve your lung function all day.
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>> here we are. we are going to try to see if the five of you in an hour's time can come up with a solution somehow washington seems utterly incapable of coming up with. >> reporter: with that, we got to work. five americans, views ranging from tea party to liberal democrat. could they agree on cuts tallying up to $3 million? that would be enough to reach a deal and break a stalemate. >> one of the proposals out there is to eliminate the memo mortgage deductions. it would be $1 trillion. >> i think it's not a good idea. for many americans that's the only deduction they have. >> i think we shouldn't be doing anything to disincentivize people from buying houses right now. >> how about raising taxes on the wealthy? elelinate the taxes on people making $250,000. you like ha? >> yes. the problem with this is, you're hitting small businesses. >> it's not just small businesses, it's two
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professional people earning a dual income. it's not going to hurt the economy. >> this will stop investments. >> that's untrue. >> the bottom lineis, if we're five people and if five people can't make one agreement, then that tells you a lot about what's actually going on in the house right now. >> reporter: they kept at it. with the clock ticking, the compromises startsed coming. they agreed on gradually raising the social security retirement age to 68. >> i agree to that. >> we have $70 billion social security retirement age. we have one. on taxes, not raising rates, but closing opholes. >> i love it. love closing loopholes. >> i'm actually fine with lowering the actual percentage but closing the loopholes if that leads to increase revenue. >> reporter: next they cut defense, government salaries and reduced ouou stockpile of nucler weapons. >> t tre's no reason to have that much nuclear weapons.
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we're not going to use it. >> we have plenty left over after we cut 79 billion, plenty of nukes left over. they agreed to end ethanol subsidies, raise the retirement age, reduce annual social security increases. by the time the hour was up, $2.5 trillion in deficit reduction. not bad for an hour's work. jon karl and his team showing how it can be done. still ahead, prince william, kate and the queen will be there. have you heard about tomorrow's nds of people are switching from tylenol advil. re's one story. [ george ] my name is george. i switched to advil six months ago. i love golf. but i have knee pain, hip pain, back pain and pain in my hands. advil is definitely my pain reliever of choice. it covers all, and i'm a walking testament. you may not know it to look at me, but i can dance too! [ chuckles ] [ male announcer ] make the switch. take action. take advil.
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♪ it's the end of the road for gas guzzling cars. president obama and the automakers announced an agreement on new fuel economy standards today. new cars will have to average 54.5 miles per gallon by 2025. that's compared to 27 miles per gallon today. the biggest increase ever. the president framed the change as a way to save consumers money and slash oil consumption. the royal wedding in britain you probably have not heard about. queen elizabeth's oldest daughter, zara philips marrying mike tindall. you can tell they're low key. the wedding will be nothing like the big ceremony for william and kate. it will not be televised. >> we have more on that happy ending for happy feet. he's the penguin who ended up in
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new zealand 2,000 miles from an art ka. our penguin has put on nine pounds and passed all medical tests. we will let you know when they launch him and senen him home i a few weeks. still ahead, bringing old photos and memories to life. our "person of the week." finally, there's a choice for my patients with an irregular heartbeat called atrial fibrillation, or afib, that's not caused by a heart valve problem. today we have pradaxa to reduce the risk of a stroke caused by a clot. in a clinical trial, pradaxa 150 mg rereced stroke risk 35% more than warfarin. and with pradaxa, there's no needd for those regular blood tests. than warfarin. pradaxa is progress. pradaxa can cause serious, sometimes fatal, bleeding. don't take pradaxa if you have abnormal bleeding,
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finally, our persons of the week. we've all imagined traveling in time. what if the people you loved years ago could sit in your backyard once again? it brings us to a young man with an inspired idea and abc's john donv donvan. >> reporter: reminisce answer inside a rectangle. looking at albums in the house he grew up, taylor jones of kitchener, ontario had a hunch. what would happen if he revisited the scene of an old photo like this one, his 5-year-old self in a tux by going back to the place it was taken and matching it up, fi
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fitting the edges of the world gone by to the world that is still here. the result, click, a new photo and an you can respectedly fascinating way to sense time, space and the human connections that give them meaning for us. then he did a bunch more pictures and put them online on the site he called dear photograph. >> it's been history. >> reporter: from all over the world, people began sending taylor jones their own pictures within a picture, along with captions that while brief, also told complex stories. >> dad never took a picture of me ever. then i notice his reflection in the glass. >> reporter: putting people who have left -- >> dear photograph, grandma loved this beach. >> reporter: -- back in the photograph again. >> dear photograph, i want him to turn around. i want to see that cute little baby face again. >> reporter: more than 400,000 visitors from 209 countries. 9 lion's share to the story of
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robert stamp who is now 85 and was 14 when he fell in love. >> what was it about mom that you fell in love with. >> she had a skirt. >> reporter: they married, grew old and sat down together an a bench and then she died. it was his son jonathan's idea click.back to the bench. >> dear photograph, thank you for everything you had. >> reporter: 65,000 people wrote in to say things like this. >> "we are getting ready in september. may we be as happy as your parents were." >> i just enjoy looking at it. it helps me to remember still how my wife smiled. >> reporter: because there they are. then and now. here and there, a lot going on inside that simple rectangle. so we choose taylor jones for his idea. and all those who shared their own photographs and memories with all of us.
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we're so glad you watated tonight and this week. abc news is always there at abcnews.com with the latest news. don't forgrg "20/20" will be here tonight and so will "nightline." we'll see you right back here on monday. hope you have a great weekend. labored breathing ]
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[ coughing continues ] g[ gasping ] [ elevator bell dings, coughing continues ] [ female announcer ] congress can't ignore the facts: more air pollution means more childhood asthma attacks. [ coughing continues ] log on to lungusa.org and tell washington: don't weaken the clean air act.

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